February 10 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2011 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of 2011. This due date applies only if you deposited the tax for the … [Read more...] about February 2012 Business Due Date Reminders
Indian tax Consultant
Are You Liable for a Gift Tax Return?
Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the truth. To fully understand the ramifications of gifting, one needs to realize that gift tax laws are related to estate tax … [Read more...] about Are You Liable for a Gift Tax Return?
Did Your 2010 Roth-Converted Account Decline in 2011?
If you converted your traditional IRA to a Roth IRA during 2010 and paid (or will pay) the tax on the conversion and then watched the value of the account decrease due to the overall decline of the stock market in 2011, you still have an opportunity to do something about it. If you filed your return on time or are on extension, you automatically receive a 6-month … [Read more...] about Did Your 2010 Roth-Converted Account Decline in 2011?